will grow at about the same rate or perhaps slightly faster on a year-over-year basis than it did in Q3. Therefore and consistent with last quarter,

will grow at about the same rate or perhaps slightly faster on a year-over-year basis than it did in q3 therefore and consistent with last quarter


and governance of IT projects that we identified at the end of fiscal year 2016. During the first quarter, as part of the remediation plan, we established an IT steering committee,

and governance of it projects that we identified at the end of fiscal year 2016 during the first quarter as part of the remediation plan we established an it steering committee


In September, the Colorado legislature Joint Budget Committee authorized additional funds to allow the Department of Corrections to lease a privately owned correctional facility to relieve crowded conditions

in september the colorado legislature joint budget committee authorized additional funds to allow the department of corrections to lease a privately owned correctional facility to relieve crowded conditions


So bear with us as we get through this and move into the -- as we close out quarter 3, I think the discussions will have a lot more clarity to them.

so bear with us as we get through this and move into the -- as we close out quarter 3 i think that the discussions will have a lot more clarity to them


We are comfortable with our loan concentrations. The economy is generally strong. We're optimistic that the new tax policy will be helpful to generate growth, and we've made some improvements to the origination process, all of which

we are comfortable with our loan concentrations the economy is generally strong we're optimistic that the new tax policy will be helpful to generate growth and we've made some improvements to the origination process all of which


This would also naturally expand to the emerging markets in both job and ridesharing. We are in the process of product development and risk analysis,

this would also naturally extend to the emerging markets in both job and ridesharing we are in the process of product development and risk analysis


an enhanced distribution system, utilizing selected partners who are engaged in our business throughout the cycle, along with the removal of channel conflict

an enhanced distribution system utilizing selected partners who are engaged in our business throughout the cycle along with the removal of channel conflict


During this period of time, we have seen pork prices actually come down in China, but still with continued investments

during this period of time we have seen pork prices actually come down in china but still with continued investments


our movement into Corporates is just kind of a furtherance of a message that you've heard. It's kind of have been a legacy of the company, quite honestly around diversification. So once again, it's just further diversifying

our movement into corporates is just kind of a furtherance of a message that you've heard it's kind of been a legacy of the company quite honestly around diversification so once again it's just further diversifying


So what makes us different? It's our core technology ATLAS, which is our proprietary neoantigen identification platform.

so what makes us different it's our core technology atlas which is our proprietary neoantigen identification platform


Before I discuss the results of the last quarter and some of the dynamics we're anticipating in our near-term outlook, I would like to share a few thoughts about Maxim's longer-term view with you.

before i discuss the results of the last quarter and some of the dynamics we're anticipating in our near-term outlook i would like to share a few thoughts about maxim's longer-term view with you


seems adept at blocking. So at least makes intuitive sense that you would try to do something to stimulate that immune response, whether that's some

seems adept at blocking so at least makes intuitive sense that you would try to do something to stimulate that immune response whether that's some


And with the credit group that we now have, we've been able to continue to split those FICO bands by attributes

and with the credit group that we now have we've been able to continue to split those cycle bands by attributes


Using the framework of our National Quality Program, we are standardizing the provision of clinical care and progressively eliminating unwanted clinical variation.

using the framework of our national quality program we are standardizing the provision of clinical care and progressively eliminating unwanted clinical variation


As we look to the balance of the year, we remain cautious about global demand fundamentals and the potential for trade negotiations and tariffs to impact overall demand trends, particularly in China.

as we look to the balance of the year we remain cautious about global demand fundamentals and the potential for trade negotiations and tariffs to impact overall demand trends particularly in china


Wyndham is the first global hospitality company to offer economy and mid-scale hotel owners a means to automatically analyze millions of historical transactions and demand trends.

wyndham is the first global hospitality company to offer economy and midscale hotel owners a means to automatically analyze millions of historical transactions and demand trends


I want to make sure you guys know I'm not trying to criticize you guys, and I think you guys are trying your best. I'm saying that when I see the stock trading where it's at and then I see transactions going off

i want to make sure you guys know i'm not trying to criticize you guys and i think you guys are trying your best i'm saying that when i see the stock trading where it's at and then i see transactions going off


this would come out of Renova's pocket, not Sulzer's pocket. Now, I have no intention of selling the shares at a lower price and if you see where we're trading today, and hopefully where we'll be trading tomorrow, we're well in the money.

this would come out of renova's pocket not sulzer's pocket now i have no intention of selling the shares at a lower price and if you see where we're trading today and hopefully where we'll be trading tomorrow we're well in the money


The one thing that we have been consistent saying as well is that, it's likely that we will operate at higher levels of leverage than most other companies because of the stability of our business

the one thing that we have been consistent saying as well is that it's likely that we will operate at higher levels of leverage than most other companies because of the stability of our business


the rest of that cash flow is available to return to shareholders through dividend and through our buybacks. And to be clear, in the first quarter of last year, we didn't return

the rest of that cash flow was available to return to shareholders through dividend and through our buybacks and to be clear in the first quarter of last year we didn't return


while increasing our optionality. Now I'd like to provide you updates on our Time Warner acquisition, and our goal to build the world's premier gigabit network.

while increasing our optionality now i'd like to provide you updates on our time warner acquisition and our goal to build the world's premier gigabit network


This is about progressively derisking Viridor's business to the extent that signed commercial contracting approaches enable us to do so.

this is about progressively derisking verador's business to the extent that sound commercial contracting approaches enable us to do so


Yes, I mean I obviously want to see EBITDA margin expansion as time goes on and I think the next phase of the productivity program is really focused on our cost structure.

yes i mean i obviously want to see ebitda margin expansion as time goes on and i think the next phase of the productivity program is really focused on our cost structure


Our work is far from over to bring this business to desirable levels of performance, but AVTE backlog is now at its highest level of the year and we are well positioned to finish 2016 on a positive note.

our work is far from over to bring this business to desirable levels of performance but avte backlog is now at its highest level of the year and we are well positioned to finish 2016 on a positive note


will be a driver of our goal for Microbial Solutions to continue to deliver at least low double-digit organic revenue growth for the foreseeable future.

will be a driver of our goal for microbial solutions to continue to deliver at least low double-digit organic revenue growth for the foreseeable future


In short, we continue to be very bullish on Radiant's current position and long-term prospects, and we enjoy a number of levers to drive shareholder value.

in short we continue to be very bullish on radiant's current position and long-term prospects and we enjoy a number of levers to drive shareholder value


and new packaging options, with early results showing higher sell-in rates to faster tiers as well as decreased churn, especially from customers and competitive markets.

and new packaging options with early results showing higher sell-in rates to faster tiers as well as decreased churn especially from customers in competitive markets


And then second, it's just the pricing environment in Turkey versus -- with the competition as well, do you think you'll be able to make up some of the pricing after the devaluation that's happened over the last quarter?

and then second is just the pricing environment in turkey versus -- with the competition as well you think you'll be able to make up some of the pricing after the devaluation that's happened over the last quarter


And then as we have in the past, we continue to look for opportunities to return capital to shareholders through our dividend policies as well as our repurchase programs.

and then as we have in the past we continue to look for opportunities to return capital to shareholders through our dividend policies as well as our repurchase programs


In order to do so, we will constantly monitor our investments for the best return, evaluate our operations to ensure that we are performing in the most effective manner for our clients and listen to the market.

in order to do so we will constantly monitor our investments for the best return evaluate our operations to ensure that we are performing in the most effective manner for our clients and listen to the market


We still think that there's great opportunities. And not only do we think there's great opportunities, but we've built a world-class leadership team here. And by bringing a couple of people to the table that are new,

we still think that there's great opportunities and not only do we think there's great opportunities but we built a world-class leadership team here and by bringing a couple of people to the table that are new


And it comes down to -- we're certainly encouraged by the SEC to highlight and report GAAP numbers.

and it comes down to we're certainly encouraged by the sec to highlight and report gaap numbers


Although the worst of the negative cycle is over, as I had mentioned in the last call, we continue to monitor proactively our existing credits to enable the bank to act promptly

although the worst of the negative cycle is over as i had mentioned in the last call we continue to monitor proactively our existing credits to enable the bank to act promptly


This increase was partially offset byless day of traditional campus revenue in the fourth quarter as compared to 2016, due to a shift in the timing of a residential traditional campus start date.

this increase was partially offset by one less day of traditional campus revenue in the fourth quarter as compared to 2016 due to a shift in the timing of our residential traditional campus start date


that we will see a reduction in our compensation expense as we move through the year. We also have been working hard with our teams to identify budget reductions.

that we will see a reduction in our compensation expense as we move through the year we also have been working hard with our teams to identify budget reductions


While this seems rather high to us, directionally, it is supportive of our view that our assets are very well positioned as the market continues to prioritize the economics of capacity revenues.

while this seems rather high to us directionally it is supportive of our view that our assets are very well positioned as the market continues to prioritize the economics of capacity revenues


So Japan historically has been a very strong market as far as GI diseases, and I think we're realizing that. So I think -- and we're seeing real revenue come back from that market.

so japan historically has been a very strong market as far as gi diseases and i think we're realizing that so i think -- and we're seeing real revenue come back from that market


yes, Tobias, I would not talk about a market trend. I think for the reason that I explained before we will find individual targets that are interested in joining a bigger

yes tobias i would not talk about a market trend i think for the reason that i explained before we will find individual targets that are interested in joining a bigger


Thank you, Brian. And thank you for joining our conference call today. We appreciate your continuing interest in Twin Disc and hope that we have answered all of your questions. If not, please feel free to call Jeff or myself.

thank you brian and thank you for joining our conference call today we appreciate your continuing interest in twin disc and hope that we have answered all of your questions if not please feel free to call jeff or myself


Remember that revenue was much, much stronger than what we had anticipated and forecast, and so that had an impact in terms of the percent. But one of the things that we mentioned in the prepared remarks here

remember the revenue was much much stronger than what we had anticipated and forecast and so that had an impact in terms of the percent but one of the things that we mentioned in the prepared remarks here


I'm pleased with the progress made by our teams in reinventing our supply chain, reducing overheads and reinvesting in growth. Our strategy is working,

i'm pleased with the progress made by our teams in reinventing our supply chain reducing overheads and reinvesting in growth our strategy is working


We haven't built a lot into the plan. I'll tell you right now, we just have 50 megawatts. I think Jim already mentioned that 50 megawatts in this -- the numbers to date, but it's an area where we can do quite a bit more.

we haven't built a lot into the plan i'll tell you right now we just have 50 megawatts i think jim already mentioned that 50 megawatts in the numbers to date but it's an area where we can do quite a bit more


I'd have to say it hasn't been something that has been of particular note, but I wouldn't take that as either a positive or a negative. I'm just -- it's not something that we have had a lot of engagement with the regulators on,

i'd have to say it hasn't been something that has been a particular note but i wouldn't take that as either a positive or a negative i'm just -- it's not something that we've had a lot of engagement with the regulators on


We expect some of these fourth quarter trends that impacted Naturalizer to continue into the first quarter, specifically the impact from currency and the planned product exits.

we expect some of these fourth quarter trends that impacted naturalizer to continue into the first quarter specifically the impact from currency and the planned product exits


with all of our projected direct commercial sales occurring in Q3 and Q4. Also impacting our cadence is a pushout of missile fuze deliveries from the first quarter into the second quarter.

with all of our projected direct commercial sales occurring in q3 and q4 also impacting our cadence is a pushout of missile fuse deliveries from the first quarter into the second quarter


Our expectation is that we will recognize less than 10% of our full year net earnings in the first quarter and approximately 50% of our net earnings in the fourth quarter.

our expectation is that we will recognize less than 10% of our full year net earnings in the first quarter and approximately 50% of our net earnings in the fourth quarter


getting the best care providers and at the best sites for care affordably. Based on the overall performance of our business and our forward view, we've raised our outlook for adjusted earnings per share.

getting the best care providers and at the best sites of forecare affordably based on the overall performance of our business and our forward view we raised our outlook for adjusted earnings per share


I would like to refer everyone to the cautionary language included in Stratus' press release issued today and to the risk factors described in Stratus' Form 10-K and subsequent SEC filings

i would like to refer everyone to the cautionary language included in stratus' press release issued today and to the risk factors described in stratus' form 10-k and subsequent sec filings


Craig, this is Brian. They're very active and we had been very encouraging of our grocery partners to add this. It's a very low investment for us, almost none. We give a couple of parking spaces,

craig this is bryan they're very active and we have been very encouraging of our grocery partners to add this it's a very low investment for us almost none we give a couple of parking spaces


So what we've been working on over the last 2 years, what you've implicitly suggested, has been setting up the ability to drive value in these Kmart boxes. And

so what we've been working on over the last 2 years what you've implicitly suggested has been setting up the ability to drive value in these kmart boxes and


And based on that, we have understood that the fixed costs have to be taken downwards. And that will actually be the most important element in the profit generation this year.

and based on that we have understood that the fixed costs have to be taken downwards and that will actually be the most important element in the profit generation this year


And so by operating outside of it, we escape what we understand many of those to be. It's not that the change will not cause us to incur any expenses, there will be some expenses,

and so by operating outside of it we escape what we understand many of those to be it's not that the change will not cause us to incur any expenses there will be some expenses


working on the fundamentals of our business. We really, for the last couple of years, have tried to look at every area of our business that we believed there were some leverage. And if there was a fundamental change or improvement either in

working on the fundamentals of our business we really for the last couple of years have tried to look at every area of our business that we believe there was some leverage and if there was a fundamental change or improvement either in


the enterprise customers that you deal with move to software-only solution? I don't think you cited it as kind of an issue on the enterprise side, but are you seeing any traction there, then I'll jump off? So

the enterprise customers that you deal with move to software-only solution i don't think you cited it as kind of an issue on the enterprise side but are you seeing any traction there then i'll jump off


this will then be reflected on how currencies will develop. And it's in this environment, ladies and gentlemen, that we need to guide our clients and that we need to guide our corporate and our investments.

this will then be reflected on how currencies will develop then and it's in this environment ladies and gentlemen that we need to guide our clients and that we need to guide our corporate and our investments


Regarding supply. We expect a weak response as a result of the consistent decline in investments that several companies have had in recent years. In addition to this

regarding supply we expect a weak response as a result of the consistent decline in investment that several companies have had in recent years in addition to this


nor have we seen any significant labor shortages or any changes in the time it takes to fill personnel requisitions. However, we are closely monitoring the market, and we'll continue to do so.

nor have we seen any significant labor shortages or any changes in the time it takes to fill personnel requisitions however we are closely monitoring the market and will continue to do so


Certain statements made during the call today constitute forward-looking statements made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.

certain statements made during the call today constitute forward-looking statements made pursuant to and within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 as amended


new trucks at the beginning of next year, which will start helping the results in the first half of 2018. Longer term, when you look at the insurance headwinds that we've been talking about,

new trucks at the beginning of next year which will start helping the results in the first half of 2018 longer term when you look at the insurance headwinds that we've been talking about


making treatment decisions for their patients. Alkermes is focused on addiction and serious mental illness at a time when these are among the most important public health issues facing the country.

making treatment decisions for their patients alkermes is focused on addiction and serious mental illness at a time when these are among the most important public health issues facing the country


In addition to executing on our growth strategy by building commercial greatness and driving operational excellence, we're improving our balance sheet while pursuing scalable acquisitions.

in addition to executing on our growth strategy by building commercial greatness and driving operational excellence we're improving our balance sheet while pursuing scalable acquisitions


Because we already have most of the data through the recovery audit process and we have a sophisticated large data infrastructure which maps data to specific analytics tools and algorithms,

because we already have most of the data through the recovery audit process and we have a sophisticated large data infrastructure which maps data to specific analytics tools and algorithms


Provider feedback can also cause the pace of recovery work to be slowed. And finally, even though we are using new technology tools to speed up the onboarding of client data,

provider feedback can also cause the pace of recovery work to be slowed and finally even though we are using new technology tools to speed up the onboarding of client data


particularly in HVAC. We remain focused on developing innovative new products and expanding our channel presence, and we are gaining share as a result.

particularly in hvac we remain focused on developing innovative new products and expanding our channel presence and we are gaining share as a result


This cash enables us with a great advantage -- or provides us with a great advantage to grow our core derm market without diluting shareholders.

this cash enables us with a great advantage -- or provides us with a great advantage to grow our core derm market without diluting shareholders


Can you give us a bit of a flavor, what kind of mechanism are there in place allowing you to pass on these to the customers in the form of surcharges or other

can you give us a bit of a flavor what kind of mechanism are there in place allowing you to pass on these to the customers kind of formal surcharges or other


by using cutting-edge cellular science to develop personalized therapies for repairing tissue damage and disease. ORIG3N recently reported a new round of financing

by using cutting-edge cellular science to develop personalized therapies for repairing tissue damage and disease origin recently reported a new round of financing


We do expect the overall profitability in the market to remain good and we are comfortable with these trends and are confident in our ability to compete in this environment.

we do expect the overall profitability in the market to remain good and we are comfortable with these trends and are confident in our ability to compete in this environment


This market dynamic is another reason we have been moving towards other more senior-oriented investment opportunities, where we believe risk adjusted returns and overall credit protection is better.

this market dynamic is another reason we have been moving towards other more senior-oriented investment opportunities where we believe risk-adjusted returns and overall credit protection is better


So for example, I don't think that 50 gigawatt-hours exactly would be the right capacity, but I think that you need to have some buffer. So how much CapEx do you believe would be required to support that type of revenue?

so for example i don't think that 50 gigawatt hours exactly would be the right capacity but i think that you need to have some buffer so how much capex do you believe would be required to support that type of revenue


We continue to see volumes fill up on our processing plants in the Permian Basin and expect it to announce future processing expansions to support volume growth from our committed shippers.

we continue to see volumes fill up on our processing plants in the permian basin and expect it to announce future processing expansions to support volume growth from our committed shippers


on the returns on that particular franchise. So the fact that the targets have dropped, supply is going to be dropped means there's a tightening of conditions in the market between supply and demand

on the returns on that particular franchise so the fact that the targets have dropped supply is going to be dropped means there's a tightening of conditions in the market between supply and demand


We continue to make excellent headway in support of our strategic plan with the acquisition and seamless integration of HSBC Bermuda's Private Banking, Investment Management and Trust business

we continue to make excellent headway in support of our strategic plan with the acquisition and seamless integration of hsbc bermuda's private banking investment management and trust business


We see a future in which we touch every person's life and inspire the families and communities who nurture us. And I believe Weight Watchers can create a world where wellness is accessible to all.

we see a future in which we touch every person's life and inspire the families and communities who nurture us and i believe weightwatchers can create a world where wellness is accessible to all


We believe that big data and predictive analytics will drive efficiency and that as the largest OEM of drilling equipment, NOV is uniquely positioned to bring automation and big data solutions to the oilfield.

we believe that big data and predictive analytics will drive efficiency and that as the largest oem of drilling equipment nov is uniquely positioned to bring automation and big data solutions to the oilfield


In 2016, we have closed down 6 factories and started the process of closing down another 8. And we believe that CapEx levels will remain

in 2016 we have closed down 6 factories and started the process of closing down another 8 and we believe that capex levels will remain


to get their capital improvement projects out on the street. We've never seen a problem at the local level, when they pass a local measure of them getting the money out in the street within the next 6 to 9 months.

to get their capital improvement projects out on the street we've never seen a problem at the local level of when they pass a local measure of them getting the money out on the street within the next 6 to 9 months


And they're beginning to reach the end of their life cycle, and so the Navy approached us about one particular problem that they had with respect to maintaining these things,

and they're beginning to reach the end of their life cycle and so the navy approached us about one particular problem that they had with respect to maintaining these things


we could see something more in 2Q. Is that cautiousness or is there some other item we need to be cognizant of that could impact Q2 and prevent you from seeing

we could see something more in 2q is that cautiousness or is there some other item we need to be cognizant of that could impact q2 and prevent you from seeing


in the coming years. Some of these projects have already started. As you can see on this slide, 3 examples of what we have built or are about to build, a new

in the coming years some of these projects have already started as you can see on this slide 3 examples of what we have built or are about to build a new


Again, as a reminder, the CFIUS process approval only applies to the proposed foreign investment in UQM and has no jurisdiction

again as a reminder the citiusa process approval only applies to the proposed foreign investment in uqm and has no jurisdiction


We continue to deliver on our commitments to customers and shareowners, and we will continue to deliver long-term value for those who invest in PPL. That concludes our prepared remarks.

we continue to deliver on our commitments to customers and shareowners and we will continue to deliver long-term value for those who invest in ppl that concludes our prepared remarks


Our growth in the premium games category, which was an important factor in our first quarter's success, will continue to be a significant driver of future success.

our growth in the premium games category which was an important factor in our first quarter success will continue to be a significant driver of future success


and the impact of expected new competitive events in 2017. With that said, we expect our total generic segment to decline in the high single

and the impact of expected new competitive events in 2017 with that said we expect our total generics segment to decline in the high single


We can't do anything until we have a final outcome of the process. But as we've been gaining market share in all categories, the performance in the first half of the year is due to

we can't do anything until we have a final outcome of the process but as we've been gaining market share in all categories the performance in the first half of the year is due to


As a result, he developed software on his own to further automate the workflow. These software partnerships strengthened our offerings, increased the pull-through of reagents and drive faster market adoption.

as a result he developed software on his own to further automate the workflow these software partnerships strengthen our offerings increase the pull-through of reagents and drive faster market adoption


with your existing capabilities, obviously, and offering that, creating a more commercial business entity from that with MERFs and helping your customer source and procure and

with your existing capabilities obviously and offering that creating a more commercial business entity from that with mrfs and helping your customers source and procure and


Any forward-looking statements that we make on this call are based on assumptions as of today and we undergo no obligations to update these statements as a result of new information or future events.

any forward-looking statements that we make on this call are based on assumptions as of today and we undergo no obligations to update these statements as a result of new information or future events


but I would be definite to once again state that is the one governing factor that will limit our growth to what we feel comfortable with.

but i would be definite to once again state that is the one governing factor that will limit our growth to what we feel comfortable with


But I just want to kind of get a commitment from you that if they make any changes to the -- whatever the payment terms or the price that you

but i just want to kind of get a commitment from you that if they make any changes to the -- whatever the payment terms or the price that you


As you can see on this slide, as we have grown the platform, we have acquired a number of companies that have allowed us to scale our operations and also diversify the services we provide. If

as you can see on this slide as we have grown the platform we have acquired a number of companies that have allowed us to scale our operations and also diversify the services we provide


better than your overall addressable markets, unless you're just disproportionately tied to just the European truck market. So could you talk a little bit about that?

better than your overall addressable markets unless you're just disproportionately tied to just the european truck market so could you talk a little bit about that


Given our leading position in most markets, our Rest of Europe segment is very well positioned to capture future demand from cloud providers as they venture into new markets in Europe.

given our leading position in most markets our rest of europe segment is very well positioned to capture future demand from cloud providers as they venture into new markets in europe


including increased scale and cash flow generation, which will provide us with the flexibility to explore growth opportunities in this rapid changing industry.

including increased scale and cash flow generation which will provide us with the flexibility to explore growth opportunities in this rapid changing industry


an environment here where we can continue to gain more efficiencies. So we'll try and spend more time on this on March 8 when we have more time together. But certainly,

an environment here where we can continue to gain more efficiencies so we'll try and spend more time on this on march 8 when we have more time together but certainly


create more efficiencies and to create a different kind of product set than we have today. And so when it comes to an infrastructure spend,

create more efficiencies and to create a different kind of product set than we have today and so when it comes to infrastructure spend


Is that more of a impact to revenues and you made it up somewhere else for the gross profit? Like how does that dynamic work and how do I reconcile that?

is that more of an impact to revenues and you made it up somewhere else for the gross profit like how does that dynamic work and how do i reconcile that


Okay. Yes on India, I've been absolutely clear that we're deeply aware these investments are ultimately held to create value for shareholders.

okay yes on india i've been absolutely clear that we're deeply aware these investments are ultimately held to create value for shareholders


when we highlighted our new accounting policy, we're capitalizing a little earlier and stopping capitalizing a little later than previously and the comparative for the first half of '17, did not have that new accounting policy in place.

when we highlighted our new accounting policy we're capitalizing a little earlier and stopping capitalizing a little later than previously and the comparative for the first half '17 did not have that new accounting policy in place


We'd expect to be at the high negative 20-day range in Q4, very similar to last year. So those are kind of the dynamics, and I wouldn't expect that to really change as we go forward.

we'd expect to be at the high negative 20-day range in q4 very similar to last year so those are kind of the dynamics and i wouldn't expect that to really change as we go forward


This means that we can complete an increasing number of assessments. Equally as important, we are continuing to see steady improvements in the quality of our assessment reports.

this means that we can complete an increasing number of assessments equally as important we are continuing to see steady improvements in the quality of our assessment reports


I have to recognize that on the special tax we made no progress so far, and that's super frustrating. But even on that front, the lack of news doesn't come as a surprise for us and for you all.

i have to recognize that on the special tax we made no progress so far and that's super frustrating but even on that front the lack of news doesn't come as a surprise for us and for you all


Our guidance continues to reflect a gradual increase of offenders from the State of Ohio under a contract we signed in April for up to 996 offenders to be cared for at our Northeast Ohio Correctional Center.

our guidance continues to reflect a gradual increase of offenders from the state of ohio under a contract we signed in april for up to 996 offenders to be cared for at our northeast ohio correctional center


A good example of this on existing brands is Johnnie Walker Platinum, where we've identified opportunities to make our cost more competitive on the gift box and bottle.

a good example of this on existing brands is johnnie walker platinum where we've identified opportunities to make our cost more competitive on the gift box and bottle


So that's not changed. I think what you have is you have a small seasonal quarter. You have a Northern acquisition we did last year that doesn't have as much revenue coming in. You have our charter operations, which doesn't have as much coming in.

so that's not changed i think what you have is you have a small seasonal quarter you have a northern acquisition we did last year that doesn't have as much revenue coming in you have our charter operations which doesn't have as much coming in


it comes to our actions and our strategic initiatives on the backdrop or with this market development as a backdrop, what we are working on then is that we

when it comes to our actions and our strategic initiatives on the backdrop or with this market development as a backdrop what we are working on then is that we


was a result of the more diversified nonbanking income fundamentals through the integration or inclusion of Orange Life Insurance and the banking sector income improvement

was a result of the more diversified non-banking income fundamentals through the integration or inclusion of orange life insurance and the banking center income improvement


the lag in terms of getting patients into the open enrollment portion of this trial? And then, is that lag due to the completion of any preclinical toxicology work that needs to be done to support

the lag in terms of getting patients into the open enrollment portion of this trial and is that lag due to the completion of any preclinical toxicology work that needs to be done to support


In parallel with this, we are working to minimize, of course, the impact on our customers through inventory on hand, and we are assessing how we can leverage our other refinery infrastructure

in parallel with this we are working to minimize of course the impact on our customers through inventory on hand and we are assessing how we can leverage our other refinery infrastructure


As a good partner they were with us in the last, I would say, 60 years. So there's no reason that it won't work for e-commerce. It's where we are now.

as a good partner they were with us in the last i would say 60 years so there is no reason that it won't work for e-commerce it's where we are now


what we said and what we see today is unchanged. We are in the early stages of implementing it, and we're very confident that we will be able to deliver the expectation

what we said and what we see today is unchanged we are in the early stages of implementing it and we're very confident that we will be able to deliver the expectation


it reverses and you get to pick it up every month as it keeps going up. So in reality, it is what you can call that

it reverses and you get to pick it up every month as it keeps going up so in reality it is what you can call that


the Chinese have to pay it, and of course the friends over in India have to pay it. So it isn't a case when you're dealing with natural rubber that

the chinese have to pay it and of course the friends over in india have to pay it so it isn't a case when you're dealing with natural rubber that


And a lot of that pick up in Spain and Italy is exports, with the exports to those areas as well as seeding new growth to North Africa, and more importantly,

and a lot of that pickup in spain and italy is exports -- would be exports to those areas as well as ceding new growth in north africa and more importantly


Great. So other than that one, are there any sort of awards in there that are more longer term in nature. Is that sort of the big one as is it sort of stretches out a few years here?

great okay so other than that one are there any sort of awards in there that are more longer term in nature or is that sort of the big one as it sort of stretches out a few years here


The second quarter 2018 was the first full operational quarter following the renovations of our Reading Cinemas at Elizabeth in South Australia and Charlestown in New South Wales,

the second quarter 2018 was the first full operational quarter following the renovations of our reading cinemas at elizabeth in south australia and charlestown in new south wales


Overall, we expect continued competition for deposits and additional compression on the net interest margin through 2019. We are pleased with our ability to generate strong

overall we expect continued competition for deposits and additional compression on the net interest margin through 2019 we are pleased with our ability to generate strong


We see solid growth in household disposable income in Guangzhou and Beijing, while the office market in Shanghai should benefit from ongoing demand from consolidation and expansion.

we see solid growth in household disposable income in guangzhou and beijing while the office market in shanghai should benefit from ongoing demand from consolidation and expansion


Following data readouts from animal and other feasibility studies for these candidates, we will determine the best programs to advance into the clinic. We expect to announce these additional DepoFoam assets over the next couple of quarters.

following data readouts from animal and other feasibility studies for these candidates we will determine the best programs to advance into the clinic we expect to announce these additional depoform assets over the next couple of quarters


driven by continued strong organic growth across defense, industrial and automotive markets and the impact of a capacitor acquisition, which closed earlier in the quarter.

driven by continued strong organic growth across defense industrial and automotive markets and the impact of a capacitor acquisition which closed earlier in the quarter


Yes. I think when you talk about Industrial, it always boils down to the subsegments and -- both geographically and also just subsegments within Industrial categories.

yes i think when you talk about industrial it always boils down to the subsegments and both geographically and also just subsegments within industrial categories


The reason operating profit decline was primarily due to some changes and cost allocations as a result of the strategic realignment to focus on the growth of our commercial real estate portfolio and earnings

the reason operating profit decline was primarily due to some changes in cost allocations as a result of the strategic realignment to focus on the growth of our commercial real estate portfolio and earnings


I would like to provide an early progress report on the integration. As we said on our last call we hit the ground running on day 1 with our detailed plan that we developed ahead of the deal closing.

i would like to provide an early progress report on the integration as we said on our last call we hit the ground running on day 1 with our detailed plan that we developed ahead of the deal closing


sort of universally strong this quarter, looking at lead price recovery, it should be better in the third quarter than it was in the second quarter. It

sort of universally strong this quarter looking at lead price recovery that should be better in the third quarter than it was in the second quarter


Another critical fact point is the 75% of claims experience provides statistically valid information that is used in estimating our reserve assumptions.

another critical fact point is the 75% of claims experience provides statistically valid information that is used in estimating our reserve assumptions


The LDG program makes it possible through a combination of employer contributions and scholarships from Ashford for students to earn their degree with no student debt.

the lvg program makes it possible through a combination of employer contributions and scholarships from ashford for students to earn their degree with no student debt


This last quarter alone, we sold 13 assets to 12 different buyers. We have a dedicated and focused transaction team, and I'm incredibly pleased with their results.

this last quarter alone we sold 13 assets to 12 different buyers we have a dedicated and focused transaction team and i'm incredibly pleased with their results


a dairy company, a big one in Switzerland and came from there to us in marketing. From there, he moved to Caffarel as Country Manager, Caffarel, and came back to us.

a dairy company a big one in switzerland and came from there to us in marketing from there he moved to gaffarel as country manager gaffarel and came back to us


We also saw some seasonal moderation in demand in the second quarter for natural gas-fueled trucks as higher gas price -- natural gas prices tend to peak during the heating season.

we also saw some seasonal moderation of demand in the second quarter for natural gas fueled trucks as higher gas price -- natural gas prices tend to peak during the heating season


the -- some of the assets that we have to prove value for the rest of the assets. And so we're certainly looking across the portfolio. We've had interest across the portfolio in every good business that we operate.

on the -- some of the assets that we have to prove value for the rest of the assets and so we're certainly looking across the portfolio we've had interest across the portfolio in every business that we operate


and I also want to remind you that these are actions taken a long time ago by previous employees, and that the company has gone through all processes,

and i also want to remind you that these are actions taken a long time ago by previous employees and that the company has gone through all processes


Even allowing for this, there was an encouraging pickup in momentum. By the fourth quarter, we were seeing the fruits of our new Connected 4 Growth organization with a much more agile approach to innovation,

even allowing for this there was an encouraging pickup in momentum by the fourth quarter we were seeing the fruits of our new connected for growth organization with a much more agile approach to innovation


the kind of products we produce and make it available to the market relative to what's out there in the market today. So that gives you a little bit of guidance on what they will do for us and

the kind of product we produce and make available to the market relative to what's out there in the market today so that's -- that gives you a little bit of guidance on what that will do for us and


by December 2017. We believe this ruling will ultimately drive demand for new equipment as carriers attempt to comply with these new regulations

by december 2017 we believe this ruling will ultimately drive demand for new equipment as carriers attempt to comply with these new regulations


we have a very strong focus on capital, a very strong focus on efficiency. And the last thing we would do is cut into safety or reliability,

we have a very strong focus on capital a very strong focus on efficiency and the last thing we would do is cut into safety or reliability


after the transfer process is completed and the patent value is determinable, which we expect to occur by the end of second quarter 2017. At such time,

after the transfer process is completed and the patent value is determinable which we expect to occur by the end of second quarter 2017 at such time


In connection with our annual fleet review and as part of our strategy to accelerate our exit from older freighters, we decided to scrap our last 6 remaining 747 converted freighters when their current leases expire.

in connection with our annual fleet review and as part of our strategy to accelerate our exit from older freighters we decided to scrap our last 6 remaining 747 converted freighters when their current leases expire


I'd like to point out that statements today which are not historical facts may be deemed forward-looking statements. Actual results may differ materially from the estimates or expectations expressed in those statements.

i'd like to point out that statements today which are not historical facts may be deemed forward-looking statements actual results may differ materially from the estimates or expectations expressed in those statements


and quality of service, in line with the strategic highway of executing an investment plan that allows us to develop our infrastructure that supports our business drivers.

and quality of service in line with the strategic highway of executing an investment plan that allows us to develop our infrastructure that supports our business drivers


I'll start by summarizing our expenses on an underlying basis, excluding notable items in Charles River, and then discuss our efforts during 3Q and 4Q to keep our second half expenses flat to the first half on that basis.

i'll start by summarizing our expenses on an underlying basis excluding notable items in charles river and then discuss our efforts during 3q and 4q to keep our second half expenses flat to the first half on that basis


We believe that we will continue to outperform the industry and gain market share in well servicing in no small part because of the size and the spec of our rig fleet,

we believe that we will continue to outperform the industry and gain market share in well servicing in no small part because of the size and the spec of our rig fleet


coverage and from a clinical success and ease of use. The product has performed as billed, but it's also -- we've had growing pains with the amount of products in the portfolio, and that's where we made our investment to address it. And now

coverage and from a clinical success and ease of use the product has performed as billed but it's also -- we've had growing pains with the amount of products in the portfolio and that's where we made our investment to address it and now


We continue to see some really nice upside opportunities as we strengthen our execution and consistency in the store as it relates to some of the non-oil change services that we offer. So

we continue to see some really nice upside opportunities as we strengthen our execution and consistency in the store as it relates to some of the non-oil change services that we offer so


Investors should be aware that any forward-looking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed here today.

investors should be aware that any forward-looking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed here today


Lending Club's always operated with transparency, and it is our commitment to do so going forward. And so our intention is to schedule as many investor meetings as we can in the next few weeks.

lending clubs always operated with transparency and it is our commitment to do so going forward and so our intention is to schedule as many investor meetings as we can in the next few weeks


I wanted them to see the immediate impact on their margins so they had intense pressure to move their prices. Some of our competitors don't have that same kind of incentive where they can

i wanted them to see the immediate impact on their margins so they had intense pressure to move their prices some of our competitors don't have that same kind of incentive where they can


We believe the SPINRAZA experience provides a glimpse of the future for targeting severe neurological disease, and we aim to capitalize on this changing paradigm.

we believe the spinraza experience provides a glimpse of the future for targeting severe neurological disease and we aim to capitalize on this changing paradigm


We will be investing more than double our historical average annual amount of remodel activity. Our goal is to have the best product presentation in the industry.

we will be investing more than double our historical average annual amount of remodel activity our goal is to have the best product presentation in the industry


we can generally translate that into a good impact not just on the top line but on the bottom line as well. But I would say cargo is the best beneficiary of the volume growth.

we can generally translate that into a good impact not just on the top line but on the bottom line as well i would say cargo is the best beneficiary of the volume growth


increase in interest expense in 2016 was primarily attributable to increased borrowings. We continue to pursue the sale of noncore assets where appropriate.

the increase in interest expense in 2016 was primarily attributable to increased borrowings we continue to pursue the sale of noncore assets where appropriate


The reception from our sellers and customers has been positive, and we expect to improve our mix as we become more specialized with dedicated sellers aligned to customer end-markets,

the reception from our sellers and customers has been positive and we expect to improve our mix as we become more specialized with dedicated sellers aligned to customer end markets


I mentioned on our last call, consistent with prior years, we expect our earnings per share to be stronger in the second half of the year due to the normal seasonality of our businesses,

as i mentioned on our last call consistent with prior years we expect our earnings per share to be stronger in the second half of the year due to the normal seasonality of our businesses


tell us or could you walk us through how you're just thinking about the wheat price on average next year? The hedging policy has been

tell us or could you walk us through how you're just thinking about the wheat price on average next year the hedging policy has been


I mentioned earlier, we have 2 different zones that we like geologically and we have 2 different completion techniques. And so one of the reason we added 2 more wells was that we think if we are correct in our thesis about the completion technique,

i mentioned earlier we have 2 different zones that we like geologically and we have 2 different completion techniques and so one of the reasons we added 2 more wells was that we think if we are correct and our thesis about the completion technique


as stated, Noble Energy Solutions business is just a part of our overall energy platform. We see significant growth opportunities,

as stated noble americas energy solutions business is just a part of our overall energy platform we see significant growth opportunities


We posted our first quarter slides on the IR home page of our website at heidrick.com, and we encourage you to print them for additional context, but we won't be referring to specific page numbers during our opening comments.

we posted our first quarter slides on the ir homepage of our website at hyderic com and we encourage you to print them for additional context but we won't be referring to specific page numbers during our opening comments


which is exactly what we're seeing today with the increase in member sign-ups. Over time, our goal is to continue to increase our share of the customer's financial wallet with products like our upcoming spending account and new Mogo mortgage product.

which is exactly what we're seeing today with the increase in member sign-ups over time our goal is to continue to increase our share of the customer's financial wallet with products like our upcoming spending account and new mogo mortgage product


to 0.25. It will be a significant move, but we consider that it is one of the rules of insurance company and in general of investors

to 0 25 it will be a significant move but we consider that it is one of the roles of insurance company and in general of investors


In line with that, as Martin alluded to earlier, we will continue to reduce our catastrophe risk budget this year as prices have declined.

in line with that as martin alluded to earlier we will continue to reduce our catastrophe risk budget this year as prices have declined


parameters of the business, what do you think the greatest opportunities are for growing the revenue profile of the company and what are the greatest opportunities for improving its margin structure?

parameters of the business what do you think the greatest opportunities are for growing the revenue profile of the company and what are the greatest opportunities for improving its margin structure


In parallel, potentially, we will be doing a human challenge. We could have some initial human efficacy data for our vaccine at the turn of the year.

in parallel potentially we'll be doing a human challenge we could have some initial human efficacy data for our vaccine at the turn of the year


Despite the overall portfolio growing by approximately 30%. During the quarter, we were disciplined in adding hedges as we increased our exposure to Agency mortgages to maintain the duration gap.

despite the overall portfolio growing by approximately 30% during the quarter we were disciplined in adding hedges as we increased our exposure to agency mortgages to maintain the duration gap


What I commit you today is that we will start a number of extra initiatives to further strengthen our ambitions and expand our long-term commitment to sustainability.

what i commit to you today is that we will start a number of extra initiatives to further strengthen our ambitions and expand our long-term commitment to sustainability


The acquisition also serves additional strategic and financial differentiation. David will speak in more detail about the return profile of the portfolio, among our other strategies.

the acquisition also serves additional strategic and financial differentiation david will speak in more detail about the return profile of the portfolio among our other strategies


in discussion with local management for a long time saying that there is absolutely no reason why press market in Germany over the long run should develop differently from what we've seen,

we've been in discussion with the local management for a long time saying that there's absolute no reason why press market in germany over the long run should develop differently from what we've seen


We completed major acquisitions, made important investments in technology and continued to invest in our people and attract high-quality talent to the bank.

we completed major acquisitions made important investments in technology and continued to invest in our people and attract high-quality talent to the bank


As part of this, we're working very hard to create a 1 company culture, with a common understanding of values and behaviors and attributes of a high-performance team.

as part of this we're working very hard to create a one-company culture with a common understanding of values and behaviors and attributes of a high-performance team


Late-season snowstorms in our Colorado market, a more volatile industry environment and our most challenging comparisons of the year, due to the timing of our LTO this year relative to last.

late season snowstorms in our colorado market a more volatile industry environment and our most challenging comparisons of the year due to the timing of our lto this year relative to last


We believe we've built a program capable of capturing additional catering business as we enter the very busy graduation season in upcoming weeks.

we believe we've built a program capable of capturing additional catering business as we enter the very busy graduation season in upcoming weeks


These more mature products can help you to some extent. They can provide you with your start-up fund. Of course, you cannot always borrow from these other products.

these more mature products can help you to some extent they can provide you with your startup fund of course you cannot always borrow from these other products


I will now turn the call back to Mark to discuss our financial results for the first quarter of 2017. I also refer you to the financial results and recent business updates

i will now turn the call back to mark to discuss our financial results for the first quarter of 2017 i also refer you to the financial results and recent business updates


can you give us your view of kind of what the acquirers have done with those assets? I mean, does it feel like they're getting their act together at all? I mean, their numbers will suggest that's not the case, but would love to get your take on what's happening?

can you give us your view of kind of what the acquirers have done with those assets i mean does it feel like they're getting their act together at all i mean the numbers would suggest that's not the case but we'd love to get your take on what's happening


I don't quite remember what it was in the front half, but how are you thinking for the full year here? What should we expect in the fourth quarter? And then I'm also wondering if material costs

i don't quite remember what it was in the front half but how are you thinking for the full year here what should we expect in the fourth quarter and then i'm also wondering if material costs


Okay, and so with these leases, how should we think about the average? I see that the term went up a ton. What do the bumps look like or the escalators look like in these leases?

okay and so with these leases how should we think about the average -- i see that the term went up a ton what do the bumps look like or the escalators look like in these leases


We have started a major SIM swap program already middle of this year. We have now extended it to Sun customers because we know out of our data that there are more LTE devices than

we have started a major sim swap program already middle of this year we have now extended it to some customers because we know out of our data that there are more lte devices than


Venue Contract Analytics allows users to review documents in half the time, resulting in easier, more extensive reviews within time and budget constraints.

venue contract analytics allows users to review documents in half the time resulting in easier more extensive reviews within time and budget constraints


Our diverse lineup includes energy, vitamin and protein jelly drinks that are very competitive in their respective nutrition function market segments.

our diverse lineup includes energy vitamin and protein jelly drinks that are very competitive in their respective nutrition function market segments


And we are encouraged by the customer response in our promotional and digital marketing efforts for general merchandise, especially as it relates to web orders.

and we are encouraged by the customer response in our promotional and digital marketing efforts for general merchandise especially as it relates to web orders


into the rapidly growing market for security solutions that protect the cloud and DevOps. We are excited about the opportunities this acquisition creates for CyberArk. We were pleased to

into the rapidly growing market for security solutions that protect the cloud and devops we are excited about the opportunities this acquisition creates for cyberark we were pleased to


As a reminder and in accordance with our debt agreements, these leverage metrics exclude our working capital facility, which is governed by a monthly borrowing base determined by our receivables and inventories.

as a reminder and in accordance with our debt agreements these leverage metrics exclude our working capital facility which is governed by a monthly borrowing base determined by our receivables and inventories


in the Americas design and Building Construction businesses. These results demonstrate the improving fundamentals in our markets and our ability to capture a growing market share of the opportunity in front of us.

in the americas design and building construction businesses these results demonstrate the improving fundamentals in our markets and our ability to capture a growing market share of the opportunity in front of us


and monitoring very positive underlying property results closely, taking additional actions when necessary. We are also seeing good sales momentum in all of our business lines.

and monitoring very positive underlying property results closely taking additional actions when necessary we are also seeing good sales momentum in all of our business lines


Thank you for joining us today. If you need any additional information or have further questions, please don't hesitate to contact us. Otherwise, we look forward to speaking to you again soon. Thank you all very much.

thank you for joining us today if you need any additional information or have further questions please don't hesitate to contact us otherwise we'll look forward to speaking to you again soon thank you all very much


But we're just trying to maintain our cost control, our cost where we can. And if we see something we don't think we need to spend at this point in time that's not going to benefit the business at this

but we're just trying to maintain our cost control our costs where we can and if we see something we don't think we need to spend at this point in time it's not going to benefit the business at this


is around 10%. It's also worth noting that even though mortgage net income was much less than in the previous quarter, it was not far off from its expected net income run rate.

is around 10% it's also worth noting that even though mortgage net income was much less than in the previous quarter it was not far off from its expected net income run rate


a lot greater than they were just a couple of years ago. As to the process of forecasting, I'd simply say that

a lot greater than they were just a couple of years ago as to the process of forecasting i'd simply say that


The franchisees will receive their initial training at our award-winning training center here in Atlanta and they will receive ongoing training at their home location.

the franchisees will receive their initial training at our award-winning training center here in atlanta and they will receive ongoing training at their home location


again, that would be continuing to invest in our corporate advisory platforms, in our centrally managed platforms. Things that are going to attract more assets to places where we create more value,

again that would be continuing to invest in our corporate advisory platforms and our centrally managed platforms things that are going to attract more assets to places where we create more value


This is a little lower than we were planning, but there were a number of deals that are very close and have taken just a little longer than we expected to close. So we're aiming for a good bump in new signings before the end of the year.

this is a little lower than we were planning but there are a number of deals that are very close and have taken just a little longer than we expected to close so we're aiming for a good bump in new signings before the end of the year


We've seen an unprecedented high number of preorders at UHA. We also have seen in the following launch events in all the different countries we are selling in

we've seen an unprecedented high number of preorders at juha we also have seen in the following launch events in all the different countries we are selling in


Iran and Saudi, we have a strong position in Iran. So we are represented in 3 of the 4 largest economies across the region. I think this is important to give people an exposure to the regions.

iran and saudi we have a strong position in iran so we are represented in 3 of the 4 largest economies across the region i think this is important to give people an exposure to the regions


We talked publicly in prior discussions with you about how, even when you're training employees, you're pulling other employees off the line to help train and mentor them. So consequently, you get the benefit of those folks who are turning to the lines, so across the board,

we talked probably in prior discussions with you about how even when you're training employees you're pulling other employees off the line to help train and mentor them so consequently you get the benefit of those folks returning to the line so across the board


overall margin potential with what we're doing in the rest of the business. So when I think about our execution and our positioning for any kind of improvement, we're in a good spot.

overall margin potential with what we're doing in the rest of the business so when i think about our execution and our positioning for any kind of improvement we're in a good spot


While this process plays out over the balance of the year and into 2018, the average daily prison populations for the Marshals Service are expected to continue to gradually increase.

while this process plays out over the balance of the year and into 2018 the average daily prisoner populations for the marshal service are expected to continue to gradually increase


In addition, as automotive industry innovation continues to advance with increasing focus on autonomous driving and higher performance electric vehicles,

in addition as automotive industry innovation continues to advance with increasing focus on autonomous driving and higher performance electric vehicles


As we've discussed previously, due to the seasonal procurement patterns and the typical size of international orders, we expect to see some revenue lumpiness from quarter to quarter in the international part of our business.

as we've discussed previously due to the seasonal procurement pattern and the typical size of international orders we expect to see some revenue lumpiness from quarter-to-quarter in the international part of our business


So do you have any specific plans to in-license a product or acquire a company? I don't think I said acquiring a company.

so do you have any specific plans to in-license a product or acquire a company i don't think i said acquiring a company


As you know, we have entered into an acquisition agreement with an affiliate of Centre Lane Partners, LLC to divest our Vitamin World business and certain other assets.

as you know we have entered into an acquisition agreement with an affiliate of centerlane partners llc to divest our vitamin world business and certain other assets


strong performance at our 2 owned hotels and cost containment measures more than offset weaker global RevPAR. These factors also led to a higher margin for the quarter.

strong performance at our 2 owned hotels and cost containment measures more than offset weaker global revpar these factors also led to a higher margin for the quarter


The improvement on an absolute basis is largely the result of a higher capacity utilization and the continued positive effect of the differentiated business steering.

the improvement on an absolute basis is largely the result of a higher capacity utilization and the continued positive effect of the differentiated business steering


pivotal trial in identifying patients, you have the partnership with Foundation Medicine. Can you give us a sense for what you think the cadence of identifying and finding those patients and enrolling them might be. I think,

pivotal trial and identifying patients you have the partnership with foundation medicine can you give us a sense for what you think the cadence of identifying and finding those patients and enrolling them might be i think


is something that lots of companies take advantage of. So again, as I said earlier, the diversity and the strength of our portfolio is really powerful from

is something that lots of companies take advantage of so again as i said earlier the diversity and the strength of our portfolio is really powerful from


In recent quarters, our European management team has demonstrated the winning spirit that comes with consistently delivering organic growth and profitability commitments while winning in the marketplace.

in recent quarters our european management team has demonstrated the winning spirit that comes with consistently delivering organic growth and profitability commitments while winning in the marketplace


Please note that today's call is being broadcast live over the Internet and will be archived for replay both by telephone and via the Internet beginning approximately 1 hour following completion of the call.

please note that today's call is being broadcast live over the internet and will be archived for replay both by telephone and via the internet beginning approximately 1 hour following completion of the call


driven almost entirely by net inflows, providing additional evidence of our ability to succeed in the investor segment just as we begin the full-court press of our brand and marketing efforts.

driven almost entirely by net inflows providing additional evidence of our ability to succeed in the investor segment just as we begin the full-court press of our brand and marketing efforts


And the impact of price, using price as a remediation lever there will be particularly interesting, as one of the factors influencing Lighting has been

and the impact of price using price as a remediation lever there will be particularly interesting as one of the factors influencing lighting has been


stock inflow like commercial. What percentage of the production you do is sourced from China or Asia versus what's done in Mexico or on the continent?

stock and flow like commercial what percentage of the production you do is sourced from china or asia versus what's done in mexico or on the continent


Recall that these are 2 mega power projects owned by the state-owned South African utility Eskom, power projects that have unfortunately seen continual delays through their life cycle.

recall that these are 2 megawatt projects owned by the state-owned south african utility eskom power projects that have unfortunately seen continual delays through their life cycle


fairly limited to the area, but it's done well. And I think we're always looking at ways to expand it if that opportunity presents itself. And so we're very open to doing that.

fairly limited to the area but it's done well and i think we're always looking at ways to expand it if that opportunity presents itself and so we're very open to doing that


The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and excludes certain expenses that the company's management does not believe are indicative of the company's core operating business results.

the company's non-gaap eps and adjusted ebitda will be reviewed on this call and exclude certain expenses that the company's management does not believe are indicative of the company's core operating business results


excellent customer service and our taking the Lead productivity projects. Some examples of what we're doing right now include piloting new third-party routing software in China,

excellent customer service and are taking the lead productivity projects some examples of what we're doing right now include piloting new third-party routing software in china


over the last couple of years is an increase in both revenue per claim on the pharmacy side and revenue per life on the medical claim side. And so

over the last couple of years is an increase in both revenue per claim on the pharmacy side and revenue per life on the medical claims side so


good about this year, we feel really good about the next few years. The competitive environment is becoming clearer to me. Our networks deliver superior quality. We're innovating at light speed, in my view.

good about this year we feel really good about the next few years the competitive environment is becoming clearer to me our networks deliver superior quality we're innovating at light speed in my view


In the fourth quarter, Blue Mountain's operational performance was strong. Operating margins improved considerably from prior quarters and exceeded the midpoint of our fourth quarter guidance.

in the fourth quarter blue mountain's operational performance was strong operating margins improved considerably from prior quarters and exceeded the midpoint of our fourth quarter guidance


guide us a little bit better on that, it will be gratefully appreciated. Yes. It's fair to say that we will walk back to more of a normalized rate next year. We will see the

guide us a little bit better on that would be gratefully appreciated yes it's fair to say that we will walk back to more of a normalized rate next year we will see the


the global retail in that model plays definitely a big role. Now I get to the markets quickly and here you see

the global retail in that model plays definitely a big role now i get to the markets quickly and here you see


And I want to say thank you to all the 7,000 -- actually, 7,100 employees who have been on the journey with me and a lot of my colleagues.

and i want to say thank you to all the 7 000 actually 7 100 employees who have been on the journey with me and a lot of my colleagues


And that is what we've got to correct with exactly the things you're talking about, which is a return to superior execution on the 3 key leadership brands that we talked about today. It means not

and that is what we've got to correct with exactly the things you're talking about which is a return to superior execution on the 3 key leadership brands that we talked about today it means not


Integration efforts remain on track, as evidenced by the strong performance in the first half of the year. We're benefiting from the larger integrated neurosurgery organization.

integration efforts remain on track as evidenced by the strong performance in the first half of the year we're benefiting from the larger integrated neurosurgery organization


can you give us a sense of how much of that was -- how much of the dollars or some of the metric, how much of that is wins versus renewals of deals that you basically were able to close earlier and lock down?

can you give us a sense of how much of that was -- how much of the dollars or some of the metrics how much of that is wins versus renewals of deals that you basically were able to close earlier and lock down


that's kind of what's baked into the guidance that we provided. So it's fully baked into the guidance. And I think what you see when you look at our sequential incremental margins

that's kind of what's baked into the guidance that we provided so it's fully baked into the guidance and i think what you see when you look at their sequential incremental margins


Beyond that though, I can say that we have a portfolio of projects that we're working on the transmission side that we feel very optimistic about, and we think can add significantly

beyond that though i can say that we have a portfolio of projects that we're working on the transmission side that we feel very optimistic about and we think can add significantly


Then I'll let you know how we see the year ahead, and how we plan to profit from our improved capital structure to deliver strong returns on our investments for the benefit of our shareholders.

then i'll let you know how we see the year ahead and how we plan to profit from our improved capital structure to deliver strong returns on our investments for the benefit of our shareholders


And all of this to become a leader in the hybrid integration platform market by 2020. So with all of this strategy, and if we could become the leader in 2020, that really gives me

and all of this to become a leader in the hybrid integration platform market by 2020 so with all of this strategy and if we could become the leader in 2020 that really gives me


Private demand continues to recover across most of our footprint with key states, such as California and Virginia, showing renewed momentum.

private demand continues to recover across most of our footprint with key states such as california and virginia showing renewed momentum


during this period, and more importantly a significant change in our net financial position after higher dividend payments when compared to the same period of last year. Meanwhile,

during this period and more importantly a significant change in our net financial position after higher dividend payments when compared to same period of last year meanwhile


as we said in our prepared remarks, we believe that there is opportunity to the upside for us to see someone coming here and be active in an area that Devon is not and was not going to be active.

as we said in our prepared remarks we believe that there is opportunity to the upside for us to see someone come in here and be active in an area that devon is not and was not going to be active


mainly driven by wage inflation. While most markets remain competitive, we believe the industry is approaching virtual full utilization levels based on the current available labor pool.

mainly driven by wage inflation while most markets remain competitive we believe the industry is approaching virtual full utilization levels based on the current available labor pool


Secondly, we are massively increasing video content with the support of our central video unit, which is producing for all of our publishing assets and was launched in April this year.

secondly we are massively increasing video content with the support of our central video unit which is producing for all of our publishing assets and was launched in april this year


The -- I appreciate the question. And yes, that's something at the beginning of the year, we were banking on getting both of those positive decisions and both of those positive decisions

the -- i appreciate the question and yes that's something at the beginning of the year we were banking on getting both of those positive decisions and both of those positive decisions


it's going to be very difficult to be honest with you. I think we ultimately are going to push the team to put something on our internal budget so we can hold ourselves accountable to a number to make sure that we're focused in driving to an internal number.

it's going to be very difficult to be honest with you i think we ultimately are going to push the team to put something on our internal budget so we can hold ourselves accountable to a number to make sure that we're focused and driving to an internal number


For us, the biggest change from the implementation of the new revenue recognition standards is that sales and cost of sales from our Baytown facility will no longer be grossed up on our income statement.

for us the biggest change from the implementation of the new revenue recognition standards is that sales and cost of sales from our baytown facility will no longer be grossed up on our income statement


We expanded the retail channel further this quarter with a new relationship with Millennium Trust and its technology-enabled trust solutions that will allow us to broaden our access to retail investors and advisers.

we expanded the retail channel further this quarter with a new relationship with millennium trust and its technology-enabled trust solutions that will allow us to broaden our access to retail investors and advisors


Sure. I think the visibility is a little more caution just with the sanctions that came out and people trying to understand how the sanctions are going to be sort of applied. But for the most part, I think the

no i think the visibility -- it's a little more cautious just with the sanctions that came out and people trying to understand how the sanctions are going to be sort of applied but for the most part i think the


There is arguably no bigger area of unmet medical need than diseases of the nervous system, and I believe Biogen has a tremendous competitive advantage to be the leader in this space.

there is arguably no bigger area of unmet medical need than diseases of the nervous system and i believe biogen has a tremendous competitive advantage to be the leader in this space


we used -- or the global principal group used are typical and serve as an excellent example of how our distressed oriented investment teams do their work.

we used -- or the global principal group used are typical and serve as an excellent example of how our distress-oriented investment teams do their work


We encourage you to review our most recent public filings with the SEC for a more detailed discussion of these risks and uncertainties that may affect our future results or the market price of our stock.

we encourage you to review our most recent public filings with the sec for a more detailed discussion of these risks and uncertainties that may affect our future results or the market price of our stock


like dynamics in the marketplace because we think we're decent at and getting much better at adjusting our pricing appropriately to get our fair share.

we like dynamics in the marketplace because we think we're decent at and getting much better at adjusting our pricing appropriately to get our fair share


We've made progress in the first quarter in terms of expanding the sales team and increasing our spending on lead generation. We expect to see the results of these investments pay off in the upcoming quarters.

we've made progress in the first quarter in terms of expanding the sales team and increasing our spending on lead generation we expect to see the result of these investments pay off in the upcoming quarters


historically, that has been the case, to overtake growth of the other 2 drivers in the industry. So

historically that has been the case to overtake growth of the other 2 drivers in the industry so


simple as 500 commercial trucks being deployed in Shanghai, all using the same converters and the same stacks and the same modules

as simple as 500 commercial trucks being deployed in shanghai all using the same converters and the same stacks and the same modules


There's nobody that comes near our coverage, having so many parts of Europe, there is nobody else. We said 6 months ago the opportunities were there.

there's nobody that comes near our coverage covering so many parts of europe there's nobody else we said 6 months ago the opportunities were there


funding that we are putting into the joint venture, it's going to be a very well-financed business and with all of the capacity and capability to do what it needs to do

funding that we are putting into the joint venture it's going to be a very well-financed business and with all of the capacity and capability to do what it needs to do


when you decide that this volume goes into the market 6 months afterwards, because you have to reconnect the plant, you have to hire new people.

when you decide that this volume goes into the market 6 months afterwards because you have to reconnect the plant you have to hire new people


increase customer satisfaction, lower churn and decrease their operating expenses all by applying the insights that our cloud analytics deliver.

increase customer satisfaction lower churn and decrease their operating expenses all by applying the insights that our cloud analytics deliver


and it remains to be seen. And as I said, I don't want to box Matt in, but I know how good he is. And I know he knows how to get at the cost line. I also

and it remains to be seen and as i said i don't want to box matt in but i know how good he is and i know he knows how to get at the cost line they also


some of that obviously was resin. So that can give you some directional thought to that. But I've also got to add that, that is not all pure price. Some of that is simply price procurement

some of that obviously was resin so that can give you some directional thought to that but i've also got to add that that is not all pure price some of that is simply price procurement


there has been various activities that we have engaged upon in terms of the post integration, and we do believe that a lot of that has been completed successfully. So under the current business model, we do have

there has been various activities that we have engaged upon in terms of the post-integration and we do believe that a lot of that has been completed successfully so under the current business model we do have


looking forward to the evolution of that. I think from the standpoint of market liquidity, it will help liquidity after there is an initial,

looking forward to the evolution of that i think from the standpoint of market liquidity it will help liquidity after there is an initial


we're always going to have a lot of deposits that we're going to have to invest elsewhere. And we're not interested in going outside of our home markets to find loans. I think that doesn't usually end well.

we're always going to have a lot of deposits that we're going to have to invest elsewhere and we're not interested in going outside our home markets to find loans i think that doesn't usually end well


Due to the high demand for our BEACON software, we have recently encountered a bottleneck in developing the necessary interfaces between BEACON and the billing systems used by both current and potential customers.

due to the high demand for our beacon software we have recently encountered a bottleneck in developing the necessary interfaces between beacon and the billing systems used by both current and potential customers


much convinced that this will be very well received by the customers given the trend that we see towards fresher product,


productivity is our central focus rather than adding sheer numbers. So I would expect -- I don't have an expectation, and we don't have an expectation that, that number will shoot north dramatically at any time in the near future.

productivity is our central focus rather than adding sheer numbers so i would expect -- i don't have an expectation and we don't have an expectation that that number will shoot north dramatically at any time in the near future


added to the overall result for the quarter and for the continued momentum through 9 months. And when you look back over the last 4 years, you see the consistency of results and continuation of improvement in the underwriting.

added to the overall result for the quarter and for the continued momentum through 9 months and when you look back over the last 4 years you see the consistency of results and continuation of improvement in the underlying result


we were correctly informed that the moment that the expiry date was there, that they had not the intention to exercise. And so I think both parties

we were correctly informed at the moment that the expiry date was there that they had not the intention to exercise and so i think both parties


how would you allocate resources between new products and existing product? Have you already identified some potential products?

how would you allocate resources between new products and existing products have you already identified some potential products


Right now, there isn't enough connection between the microfilm and the product. However, if you spend the same amount of money on below the line,

right now there isn't enough connection between the microfilm and the product however if we spend the same amount of money below the line


Additionally, more than a dozen SKECHERS Performance brand ambassadors will be participating in the Rio games. And the entire Belgian team is wearing SKECHERS in the country's colors off the field.

additionally more than a dozen sketchers performance brand ambassadors will be participating in the rio games and the entire belgian team is wearing sketchers in the country's colors off the field


We've certainly taken advantage of this in building our business and will continue to allocate large amounts of capital to our business going forward.

we've certainly taken advantage of this in building our business and we'll continue to allocate large amounts of capital to our business going forward


Turning to energy, energy overall was down from a year ago, as weakness in renewable energy offset strong oil and gas sales. Looking at oil and gas specifically,

turning to energy energy overall was down from a year ago as weakness in renewable energy offset strong oil and gas sales looking at oil and gas specifically


I don't think we would handicap how many we close. We have a good track record of closing acquisitions throughout the year. We have a very strong pipeline. We're in various stages of discussions with acquisitions. So it's an important part of our

i don't think we would handicap how many we close we have a good track record of closing acquisitions throughout the year we have a very strong pipeline we're in various stages of discussions with acquisitions so it's an important part of our


We believe this is largely a consequence of our relationships and our reputation in the market as a strong and respected operator and trusted stewards of the events post acquisition.

we believe this is largely a consequence of our relationships and our reputation in the market as a strong and respected operator and trusted stewards of the events post-acquisition


is through these investments that we were able to secure this project, and it is through this project that we will have our best opportunity to date to demonstrate how NOV can provide better FPSO solutions.

it is through these investments that we were able to secure this project and it is through this project that we will have our best opportunity to date to demonstrate how nov can provide better fpso solutions


Since this is such a significant change, I wanted to provide some additional detail this quarter, so let me spend just a few more minutes than usual walking through the individual line items.

since this is such a significant change i wanted to provide some additional detail this quarter so let me spend just a few more minutes than usual walking through the individual line items


we will continue to monitor the impact of any future developments to Applied, supply chain, customers and take any actions that are needed to mitigate impact to Applied and our customers.

we will continue to monitor the impact of any future developments to applied supply chain customers and take any actions that are needed to mitigate impact to applied and our customers


It has been my experience that most JVs do not end up working as well as expected, and the root cause is generally a lack of follow-through and commitment by the respective teams to do what they said they would.

it has been my experience that most jvs do not end up working as well as expected and the root cause is generally a lack of follow-through and commitment by the respective teams to do what they said they would


by the service mix changes, by short-term productivity issues due to the large number of new tech staff hires and probably to some extent by the timing of the Christmas holiday this year.

by the service mix changes by short-term productivity issues due to the large number of new tech staff hires and probably to some extent by the timing of the christmas holiday this year


We now have the GalXC proof of concept data and necessary capital resources to fully execute our strategy to develop RNAi therapies for patients with unmet medical needs.

we now have the galaxy proof of concept data and necessary capital resources to fully execute our strategy to develop rnai therapies for patients with unmet medical needs


and expectations of possible Agency widening as the Fed continues to unwind, is it fair to say that we could see capital allocation to Agency creep up throughout the year?

and expectations of possible agency widening as the fed continues to unwind is it fair to say that we could see capital allocation to agency creep up throughout the year


Elsewhere in Asia, as previously noted, sales of HI-CHEW in Indonesia were weak as we have not been able to gain wider product recognition.

elsewhere in asia as previously noted sales of haichu in indonesia were weak as we have not been able to gain wider product recognition


Turning to Slide 8. Expanding and optimizing our business portfolio have also been an emphasis over the last several years to positively impact both top and bottom line growth.

turning to slide 8 expanding and optimizing our business portfolio have also been an emphasis over the last several years to positively impact both top and bottom line growth


You see that in the numbers that we've discussed for the 2 new rigs that were going to complete. And so we were certainly encouraged with the favorable economics to complete these rigs.

you see that in the numbers that we discussed for the 2 new rigs that we're going to complete and so we were certainly encouraged with the favorable economics to complete these rigs


And what's interesting for me, too, is I'm not hearing my own organization complaining about volumes out in the marketplace as a reason why they can't attain or drive past the goals that we've set.

and what's interesting for me too is i'm not hearing my own organization complaining about volumes out in the marketplace as a reason why they can't attain or drive past the goals that we've set


looking statements based on the business environment as we currently see it and, as such, does include certain risks and uncertainties. Please refer to our press release and our SEC filings

looking statements based on the business environment as we currently see it and as such does include certain risks and uncertainties please refer to our press release and our sec filings


our adjusted EBITDA margins does reflect the investments we have made in growth, both on an inorganic and organic basis.

our adjusted ebitda margins thus reflect the investments we have made in growth both on an inorganic and organic basis


run what we think will be the final clinical study to result in the full licensure. But really work with those veterinarians to understand the therapeutic, gain increased confidence in it,

run what we think will be the final clinical study to result in the full licensure but really work with those veterinarians to understand the therapeutic gain increased confidence in it


comp in fourth quarter by a -- negatively by about a point? And is that the thought process as well for the first quarter?

that comp in fourth quarter by -- negatively by about a point and is that the thought process as well for the first quarter